§ 6.2-305. (Effective October 1, 2010) Recovery of twice total usuriousinterest paid; limitation of action; injunction to prevent sale of propertypending action; effect of errors in computation.
A. If interest in excess of that permitted by an applicable statute is paidupon any loan, the person paying may bring an action within two years fromthe first to occur of: (i) the date of the last scheduled loan payment or(ii) the date of payment of the loan in full, to recover from the persontaking or receiving such payments:
1. The total amount of the interest paid to such person in excess of thatpermitted by the applicable statute;
2. Twice the total amount of interest paid to such person during the twoyears immediately preceding the date of the filing of the action; and
3. Court costs and reasonable attorney fees.
B. If the sale of property in which an interest has been conveyed to securethe payment of the debt is scheduled or anticipated, an injunction may begranted to prevent such sale pending the completion of an action broughtpursuant to subsection A.
C. Any creditor who proves that interest or other charges in excess of thosepermitted by law were imposed or collected as a result of a bona fide errorin computation or similar mistake shall not be liable for the penaltiesprescribed in this section. In such event, the creditor shall only be liableto return to the borrower the amount of interest or other charges collectedin excess of the amount permitted by applicable statute.
§ 6.2-305. (Effective October 1, 2010) Recovery of twice total usuriousinterest paid; limitation of action; injunction to prevent sale of propertypending action; effect of errors in computation.
A. If interest in excess of that permitted by an applicable statute is paidupon any loan, the person paying may bring an action within two years fromthe first to occur of: (i) the date of the last scheduled loan payment or(ii) the date of payment of the loan in full, to recover from the persontaking or receiving such payments:
1. The total amount of the interest paid to such person in excess of thatpermitted by the applicable statute;
2. Twice the total amount of interest paid to such person during the twoyears immediately preceding the date of the filing of the action; and
3. Court costs and reasonable attorney fees.
B. If the sale of property in which an interest has been conveyed to securethe payment of the debt is scheduled or anticipated, an injunction may begranted to prevent such sale pending the completion of an action broughtpursuant to subsection A.
C. Any creditor who proves that interest or other charges in excess of thosepermitted by law were imposed or collected as a result of a bona fide errorin computation or similar mistake shall not be liable for the penaltiesprescribed in this section. In such event, the creditor shall only be liableto return to the borrower the amount of interest or other charges collectedin excess of the amount permitted by applicable statute.
§ 6.2-305. (Effective October 1, 2010) Recovery of twice total usuriousinterest paid; limitation of action; injunction to prevent sale of propertypending action; effect of errors in computation.
A. If interest in excess of that permitted by an applicable statute is paidupon any loan, the person paying may bring an action within two years fromthe first to occur of: (i) the date of the last scheduled loan payment or(ii) the date of payment of the loan in full, to recover from the persontaking or receiving such payments:
1. The total amount of the interest paid to such person in excess of thatpermitted by the applicable statute;
2. Twice the total amount of interest paid to such person during the twoyears immediately preceding the date of the filing of the action; and
3. Court costs and reasonable attorney fees.
B. If the sale of property in which an interest has been conveyed to securethe payment of the debt is scheduled or anticipated, an injunction may begranted to prevent such sale pending the completion of an action broughtpursuant to subsection A.
C. Any creditor who proves that interest or other charges in excess of thosepermitted by law were imposed or collected as a result of a bona fide errorin computation or similar mistake shall not be liable for the penaltiesprescribed in this section. In such event, the creditor shall only be liableto return to the borrower the amount of interest or other charges collectedin excess of the amount permitted by applicable statute.
